May 7, 2020 / 6:23 AM / 22 days ago

Pound nudges higher after Bank of England holds off further stimulus

LONDON, May 7 (Reuters) - Sterling rose by around half a cent versus the dollar on Thursday, after the Bank of England held rates steady at 0.1%, as expected, and held off on further stimulus.

The pound rose to as much as $1.2380 from $1.2331 before the announcement. It was last up 0.1% on the day. Against the euro, the pound hit a high of 87.25 pence and was last at 87.39 pence, still rangebound.

The BoE held off from pumping further stimulus into Britain’s economy but two of its nine policymakers voted for an increase in its bond-buying programme.

The central bank kept the Bank Rate at its all-time low of 0.1% and left its target for bond-buying, most of it British government debt, at 645 billion pounds. (Reporting by Elizabeth Howcroft; Editing by Dhara Ranasinghe)

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